GGGI was the main sponsor among other regional and international development agencies to host and share climate finance experiences with private sector and industry representatives at the recent Climate Finance Tradeshow in Vanuatu.
The two-day event (4th and 5th April 2018) was held at the Le Lagoon Warwick Hotel and was well attended by more than 160 participants across the sectors of agriculture, livestock, manufacturing, transportation, energy and tourism.
This was the opportunity for experts on climate finance to hear about climate-related challenges faced by the private sector and to inform them on available funding options.
Group photo of participants at the Private Sector Climate Finance Workshop, 5th April 2018.
At the opening plenary, Director General of the Vanuatu Ministry of Climate Change, Mr. Jesse Benjamin, who is also the country’s National Designated Authority (NDA) for the Green Climate Fund (GCF), explained that the government’s commitment in accessing climate finance is vital in supporting the implementation of sector policies and contributing to greater economic development. He also stated that being a small island developing state, it is not easy to get direct funding access as there are rigorous requirements in place, but acknowledged that several government agencies are already working with regional and international GCF Accredited Entities and Delivery Partners to develop pipeline projects, some of which have secured GCF Readiness funding.
The National Advisory Board on Climate Change supports the NDA and has registered more than US$300 million worth of pipeline projects in the past 3 years. Mr. Benjamin continued to state that the tradeshow was very timely in that it is the start of the process by providing awareness of climate financing to the private sector and called for a collective interest in developing private sector pipeline proposals.
A packed room of private sectors and climate finance experts
GGGI presented its role, supporting the Government of Vanuatu to achieve energy sector targets under the National Energy Road Map (2016-2030) and developing the National Green Energy Fund (NGEF) as the national financing vehicle. Mr. Paul Kaun of GGGI gave a summary of the NGEF progress and planned activities that will ensure the rural population of Vanuatu will have access to affordable and high-quality energy systems that will be promoted through intermediaries of the fund. The NGEF when operational, will become a revolving fund by which the private sector may be able to access renewable energy and energy efficiency for business needs, contributing to lesser carbon emissions for Vanuatu.